JSW Energy on Thursday said it has entered into a pact with Jaiprakash Power Ventures Ltd (JPVL) to restructure outstanding debt of Rs 751.77 crore owed to the company.
Under the pact, an amount of Rs 351.77 crore will be converted into equity shares of JPVL with a face value of Rs 10 each and Rs 280 crore will be written off, JSW Energy said in a BSE filing.
“Out of the balance outstanding principal amount of Rs 400 crore, Rs 280 crore to be written off and Rs 120 crore to continue as debt to be paid by JPVL to the company, quarterly on priority basis, out of the available cash flows after JPVL has paid 10 per cent of the re-structured sustainable debt to its secured lenders,” the filing added.
